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                <b>Scroll down to complete all parts of this task.</b><br/><br/>
                The Do Good Not-for-Profit Organization is developing its budget for the coming fiscal year and is evaluating donor-imposed restrictions and amounts to be recognized for anticipated revenue, gains, and other support.<br>
                &nbsp;<br>
                The development officer prepared a draft memorandum to describe the classification of various donations, pledges, and collections from fundraising appeals.&nbsp; You have been asked to review the development officer's commentary for consistency with professional standards for not-for-profit financial reporting. &nbsp;Use the additional information in the Resources tab to revise the draft memorandum, correcting any errors and removing any inappropriate comments given the overall context and purpose of the communication.&nbsp; &nbsp;<br>
                &nbsp;<br>
                To revise the draft memorandum, click on each segment of underlined text below and select the needed correction, if any, from the list provided.&nbsp; If the underlined text is already correct in the context of the draft memorandum, select [Original text] from the list.&nbsp; If removal of the entire underlined text is the best revision to the draft memorandum as a whole, select [Delete text] from the list.
                <p>&nbsp;</p>

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                <p>&nbsp;</p>

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                            <td>To:</td>
                            <td>Board of Directors</td>
                        </tr>
                        <tr>
                            <td>From:</td>
                            <td>Development Office</td>
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                        <tr>
                            <td>Subject:</td>
                            <td>Contributed Resources</td>
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                <br>
                Do Good Not-for-Profit is grateful for the support of its many stakeholders.&nbsp; I have taken a moment to outline the sources and classifications of the contributions at our disposal in the coming year.<br>
                &nbsp;<br>
                Our ongoing community fundraising appeal secured numerous pledges of financial support in the coming year from a wide range of individuals and organizations.&nbsp; 
                <span class="parent mbg {if condition='isset($log.1)'}xbg{/if}">{if condition='isset($log.1) && $log.1.topic_v eq 2'}<s>{/if}Anticipated receipts from this appeal will be the source of $60,000 in unrestricted revenue for the support of our operations.{if condition='isset($log.1) && $log.1.topic_v eq 2'}</s>{/if}</span>
                <form class="layui-form" id='form' action="{:url('index/form')}" method="post" style="display:none;">
                    <blockquote class="layui-elem-quote layui-quote-nm">
                        <b class="b">Choose an option below:</b><hr>
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                                <input type="radio" name="topic_t[1]" value="1" {if condition='isset($log.1) && $log.1.topic_v eq 1'}checked{/if} title="<em>[Original text]</em> <em class='span'>Anticipated receipts from this appeal will be the source of $60,000 in unrestricted revenue for the support of our operations.</em>" ><br/>
                                    <input type="radio" name="topic_t[1]" value="2" {if condition='isset($log.1) && $log.1.topic_v eq 2'}checked{/if} title="[Delete Text]"><br/>
                                    <input type="radio" name="topic_t[1]" value="3" {if condition='isset($log.1) && $log.1.topic_v eq 3'}checked{/if} title="<em class='span'>Anticipated receipts from this appeal will be the source of $45,800 in restricted revenue for the support of our operations.</em>" ><br/>
                                        <input type="radio" name="topic_t[1]" value="4" {if condition='isset($log.1) && $log.1.topic_v eq 4'}checked{/if} title="<em class='span'>Anticipated receipts from this appeal will be the source of $55,320 in restricted revenue for the support of our operations.</em>"><br/>
                                            <input type="radio" name="topic_t[1]" value="5" {if condition='isset($log.1) && $log.1.topic_v eq 5'}checked{/if} title="<em class='span'>Anticipated receipts from this appeal will be the source of $54,000 in unrestricted revenue for the support of our operations.</em>" ><br/>
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                                                &nbsp;<br>
                                                Our annual silent auction and rummage sale hosted by the board was organized to benefit the Do Good homeless program.&nbsp; 
                                                <span class="parent mbg {if condition='isset($log.2)'}xbg{/if}">{if condition='isset($log.2) && $log.2.topic_v eq 2'}<s>{/if}This $8,750 in revenue is restricted for the program and should not be counted toward our unrestricted support.{if condition='isset($log.2) && $log.2.topic_v eq 2'}</s>{/if}</span>
                                                <form class="layui-form" id='form' action="{:url('index/form')}" method="post" style="display:none;">
                                                    <blockquote class="layui-elem-quote layui-quote-nm">
                                                        <b class="b">Choose an option below:</b><hr>
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                                                                <input type="radio" name="topic_t[2]" value="1" {if condition='isset($log.2) && $log.2.topic_v eq 1'}checked{/if} title="<em>[Original text]</em> <em class='span'>This $8,750 in revenue is restricted for the program and should not be counted toward our unrestricted support.</em>" ><br/>
                                                                    <input type="radio" name="topic_t[2]" value="2" {if condition='isset($log.2) && $log.2.topic_v eq 2'}checked{/if} title="[Delete Text]"><br/>
                                                                    <input type="radio" name="topic_t[2]" value="3" {if condition='isset($log.2) && $log.2.topic_v eq 3'}checked{/if} title="<em class='span'>We were very pleased that the program yielded $8,750 that will be included in our unrestricted support designated for our homeless program.</em>" ><br/>
                                                                        <input type="radio" name="topic_t[2]" value="4" {if condition='isset($log.2) && $log.2.topic_v eq 4'}checked{/if} title="<em class='span'>This $8,750 from the rummage sales is unrestricted revenue net of any allowance.</em>"><br/>
                                                                            <input type="radio" name="topic_t[2]" value="5" {if condition='isset($log.2) && $log.2.topic_v eq 5'}checked{/if} title="<em class='span'>This $8,750 from the rummage sale is exchange transaction revenue.</em>" ><br/>
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                                                                                &nbsp;<br>
                                                                                We were pleased that one of our longtime benefactors, Elmer Osgood, has remembered us in his will and is leaving us $100,000 upon settlement of his estate.&nbsp; 
                                                                                <span class="parent mbg {if condition='isset($log.3)'}xbg{/if}">{if condition='isset($log.3) && $log.3.topic_v eq 2'}<s>{/if}The expansion of our restricted net assets by this pledge will strengthen our net position and we might consider further restricting Osgood's bequest with a board-sanctioned, permanently restricted endowment.{if condition='isset($log.3) && $log.3.topic_v eq 2'}</s>{/if}</span>
                                                                                <form class="layui-form" id='form' action="{:url('index/form')}" method="post" style="display:none;">
                                                                                    <blockquote class="layui-elem-quote layui-quote-nm">
                                                                                        <b class="b">Choose an option below:</b><hr>
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                                                                                            <div class="layui-input-block">
                                                                                                
                                                                                                <input type="radio" name="topic_t[3]" value="1" {if condition='isset($log.3) && $log.3.topic_v eq 1'}checked{/if} title="<em>[Original text]</em> <em class='span'>The expansion of our restricted net assets by this pledge will strengthen our net position and we might consider further restricting Osgood's bequest with a board-sanctioned, permanently restricted endowment.</em>" ><br/>
                                                                                                    <input type="radio" name="topic_t[3]" value="2" {if condition='isset($log.3) && $log.3.topic_v eq 2'}checked{/if} title="[Delete Text]"><br/>
                                                                                                    <input type="radio" name="topic_t[3]" value="3" {if condition='isset($log.3) && $log.3.topic_v eq 3'}checked{/if} title="<em class='span'>Although Mr. Osgood's promise does not represent revenue in the current year, it is an encouraging confirmation of the support and commitment of the Osgood family and our community to the future of our mission.</em>" ><br/>
                                                                                                        <input type="radio" name="topic_t[3]" value="4" {if condition='isset($log.3) && $log.3.topic_v eq 4'}checked{/if} title="<em class='span'>We will express our gratitude to the Osgood family and will recognize the bequest as a refundable advance since receipt of the pledge is conditioned upon Mr. Osgood's death.</em>"><br/>
                                                                                                            <input type="radio" name="topic_t[3]" value="5" {if condition='isset($log.3) && $log.3.topic_v eq 5'}checked{/if} title="<em class='span'>We will express our gratitude to the Osgood family and will recognize the bequest as temporarily restricted revenue (pending collection upon settlement of the estate).</em>" ><br/>
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                                                                                                                &nbsp;<br>
                                                                                                                An exciting opportunity was brought to us by Sandy Dollar to contribute $70,000 to the total cost of development of our children's program, provided we can secure matching funds from the county, city, or concerned citizens equal to 20 percent of the cost of that program.&nbsp; 
                                                                                                                <span class="parent mbg {if condition='isset($log.4)'}xbg{/if}">{if condition='isset($log.4) && $log.4.topic_v eq 2'}<s>{/if}Recognition of this $70,000 restricted pledge as an asset will bring a total of $84,000 in new resources to our organization's balance sheet and will go a long way toward making this program a reality.{if condition='isset($log.4) && $log.4.topic_v eq 2'}</s>{/if}</span>
                                                                                                                <form class="layui-form" id='form' action="{:url('index/form')}" method="post" style="display:none;">
                                                                                                                    <blockquote class="layui-elem-quote layui-quote-nm">
                                                                                                                        <b class="b">Choose an option below:</b><hr>
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                                                                                                                                <input type="radio" name="topic_t[4]" value="1" {if condition='isset($log.4) && $log.4.topic_v eq 1'}checked{/if} title="<em>[Original text]</em> <em class='span'>Recognition of this $70,000 restricted pledge as an asset will bring a total of $84,000 in new resources to our organization's balance sheet and will go a long way toward making this program a reality.</em>" ><br/>
                                                                                                                                    <input type="radio" name="topic_t[4]" value="2" {if condition='isset($log.4) && $log.4.topic_v eq 2'}checked{/if} title="[Delete Text]"><br/>
                                                                                                                                    <input type="radio" name="topic_t[4]" value="3" {if condition='isset($log.4) && $log.4.topic_v eq 3'}checked{/if} title="<em class='span'>Recognition of this $70,000 restricted pledge as an asset will bring a total of $87,500 in new resources to our organization's balance sheet and will go a long way toward making this program a reality.</em>" ><br/>
                                                                                                                                        <input type="radio" name="topic_t[4]" value="4" {if condition='isset($log.4) && $log.4.topic_v eq 4'}checked{/if} title="<em class='span'>The conditional pledge of $70,000 will not be recognized as contribution revenue until we secure the commitments that meet the $14,000 matching requirement stipulated by the promise.</em>"><br/>
                                                                                                                                            <input type="radio" name="topic_t[4]" value="5" {if condition='isset($log.4) && $log.4.topic_v eq 5'}checked{/if} title="<em class='span'>The conditional pledge of $70,000 will not be recognized as contribution revenue until we secure the commitments that meet the $17,500 matching requirement stipulated by the promise.</em>" ><br/>
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                                                                                                                                                &nbsp;<br>
                                                                                                                                                We were delighted to renew our no-cost lease with the Big Corporation for our administrative office space.&nbsp; The continuing support of Big Corporation helps us conserve our scarce cash resources. &nbsp;
                                                                                                                                                <span class="parent mbg {if condition='isset($log.5)'}xbg{/if}">{if condition='isset($log.5) && $log.5.topic_v eq 2'}<s>{/if}The fair value of this space is approximately $60,000 a year and represents an unrestricted revenue to our organization and an offsetting expense.{if condition='isset($log.5) && $log.5.topic_v eq 2'}</s>{/if}</span>
                                                                                                                                                <form class="layui-form" id='form' action="{:url('index/form')}" method="post" style="display:none;">
                                                                                                                                                    <blockquote class="layui-elem-quote layui-quote-nm">
                                                                                                                                                        <b class="b">Choose an option below:</b><hr>
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                                                                                                                                                                <input type="radio" name="topic_t[5]" value="1" {if condition='isset($log.5) && $log.5.topic_v eq 1'}checked{/if} title="<em>[Original text]</em> <em class='span'>The fair value of this space is approximately $60,000 a year and represents an unrestricted revenue to our organization and an offsetting expense.</em>" ><br/>
                                                                                                                                                                <input type="radio" name="topic_t[5]" value="2" {if condition='isset($log.5) && $log.5.topic_v eq 2'}checked{/if} title="[Delete Text]"><br/>
                                                                                                                                                                <input type="radio" name="topic_t[5]" value="3" {if condition='isset($log.5) && $log.5.topic_v eq 3'}checked{/if} title="<em class='span'>Although we appreciate Big Company's significant donation and it will help our budget, we do not report transactions of this type in our annual financial statements.</em>" ><br/>
                                                                                                                                                                <input type="radio" name="topic_t[5]" value="4" {if condition='isset($log.5) && $log.5.topic_v eq 4'}checked{/if} title="<em class='span'>Big Company's gift, restricted as a practical matter to building occupancy expenses, will factor into our endowment performance.</em>"><br/>
                                                                                                                                                                <input type="radio" name="topic_t[5]" value="5" {if condition='isset($log.5) && $log.5.topic_v eq 5'}checked{/if} title="<em class='span'>Big Company's gift provides a $60,000 increase to the net assets of our organization.</em>" ><br/>
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                                                                                                                                                        <button class="layui-btn" data-link="/static/js/pdf/viewer.html?file={:urlencode($Request.domain.'/static/pdf/7-1.pdf')}">Excerpt - Summary of Sig. Acct. Policies</button>
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                                                                                                                                                    <p class='pdf_title'>Excerpt - Summary of Sig. Acct. Policies</p>

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                                                                                                                                                        <div><strong>Pop-up #1:</strong><br>
                                                                                                                                                            <span style="color:#0000ff">Anticipated receipts from this appeal will be the source of $54,000 in unrestricted revenue for the support of our operations.</span><br>
                                                                                                                                                            <br>
                                                                                                                                                            The pledges are unrestricted revenue.&nbsp; According to Do Good's revenue recognition policy, an allowance for uncollected pledges is established based on the average ratio of collections to pledges over the past five years.&nbsp; According to the Pledge Receivable Memorandum, this average is 10 percent.&nbsp; The revenue of $54,000 is equal to the $60,000 in pledges offset by an allowance for uncollected pledges of $6,000 (10 percent of the current year pledges of $60,000).<br>
                                                                                                                                                            <br>
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                                                                                                                                                            <strong>Pop-up #2:</strong><br>
                                                                                                                                                            <span style="color:#0000ff">We were very pleased that the program yielded $8,750 that will be included in our unrestricted support designated for our homeless program.</span><br>
                                                                                                                                                            &nbsp;<br>
                                                                                                                                                            Donors responding to a fundraising appeal that includes the sale of items with nominal value and the auction of other items do not have the authority to restrict the use of the amounts given.&nbsp; Although the event was designated by the organizers for the support of a specific Do Good program, the revenue from the fundraising appeal is unrestricted. &nbsp;Rummage sale and charity auction collections are not exchange transaction revenues. &nbsp;No allowance would be required because the $8,750 was paid in full to Do Good.<br>
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                                                                                                                                                            <strong>Pop-up #3</strong><br>
                                                                                                                                                            <span style="color:#0000ff">Although Mr. Osgood's promise does not represent revenue in the current year, it is an encouraging confirmation of the support and commitment of the Osgood family and our community to the future of our mission.</span><br>
                                                                                                                                                            &nbsp;<br>
                                                                                                                                                            The promise imbedded within the will is not a pledge and is not revenue.&nbsp; Uncertainty about a person's death and the potential for future modification of a person's will makes inclusion of bequests in wills ineligible for recognition.&nbsp; Even if a gift were recognized, it would be inappropriate to report any restriction of net assets based on board action. &nbsp;Refundable advances are typically associated with receipts of conditional contributions, not conditional promises.&nbsp; Conditional promises receive no recognition.<br>
                                                                                                                                                            &nbsp;<br>
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                                                                                                                                                            <strong>Pop-up #4</strong><br>
                                                                                                                                                            <span style="color:#0000ff">The conditional pledge of $70,000 will not be recognized as contribution revenue until we secure the commitments that meet the $17,500 matching requirement stipulated by the promise.</span><br>
                                                                                                                                                            &nbsp;<br>
                                                                                                                                                            Sandy Dollar's promise to contribute is a conditional promise.&nbsp; Conditional gifts are not recognized until the condition or contingency associated with it has been substantially met or resolved.&nbsp; In this instance, the contingency represents finding match funding equal to 20 percent of the cost of the project.&nbsp; The conditional pledge represents 80 percent of the total program.&nbsp; Thus the total program is equal to $87,500, (70,000 ÷ 80 percent) and the required match is $17,500 ($87,500 x 20 percent).&nbsp;<br>
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                                                                                                                                                            <strong>Pop-up #5</strong><br>
                                                                                                                                                            <span style="color:#0000ff">The fair value of this space is approximately $60,000 a year and represents an unrestricted revenue to our organization and an offsetting expense.</span><br>
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                                                                                                                                                            An unconditional gift-in-kind for the use of a long-lived asset is recognized at fair value as an unrestricted donation and an equal expense in the period used, which has no net effect on net assets.&nbsp; The $60,000 fair value of the gift is equal to 4,000 square feet x $15 market value per square foot.
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